German Government Promises $34 Billion in Tax Relief Measures

German Government Promises $34 Billion in Tax Relief Measures

Bloomberg

Germany’s Finance Minister Christian Lindner said the new government is working on tax relief measures of more than 30 billion euros ($34 billion).

“In this legislative period, we will relieve people and medium-sized businesses by well over 30 billion euros,” he told German newspaper Bild am Sonntag. Planned measures include the ability to fully deduct contributions to pension insurance from tax payments, Lindner said.

Relief will be included in next year’s draft budget, he added.

Germany has allocated tens of billions of euros in cash payouts and loans to prop up individuals and companies during the coronavirus pandemic.